Incapacity Protection: Revocable Living Trust
Maximum Asset Protection & Ease of Asset Transfer Using Incapacity Protection
When assets are held in trust, the “trustee” has full power to manage and protect trust assets. While you are “alive and able,” you serve as the trustee. The way incapacity protection works is if incapacity strikes, your back-up trustee steps into your shoes and continues the management and protection of trust assets. Because your successor trustee’s powers are limited to assets owned by the trust, you should also have a Durable Power of Attorney.
Incapacity Protection: Durable Power of Attorney
Appoint Agent to Handle Financial, Property & Other Legal Matters
For “non-trust” matters, you name an agent to act for you under a Durable Power of Attorney. Typically, this agent manages non-trust assets, files taxes, and acts as your legal representative. Your agent has financial and legal powers over your assets not held in trust. This offers a huge benefit to non-traditional families by allowing your unmarried partner to handle such things as: government benefits, insurance, purchase and/ or sale of property and paying your bills.
Health Care Directive
Appoint Agent to Handle Critical Medical Decisions
If incapacitated, make sure that your health care wishes are carried out by your chosen agent.
A Health Care Directive (HCD) serves two functions.
- Identifying the individuals entrusted to make medical decisions for you when you can’t.
- Providing guidance on forth your specific health care wishes.
Grant Loved Ones Access to Health Care Information
HIPAA regulations strictly limit third party access to your protected health care information. HIPAA may result in your loved one’s inability to obtain important medical information, especially for those unrelated by blood or marriage. A HIPAA Waiver allows you to designate “Authorized Recipients” who may receive protected health care information.
Contact Our Minneapolis Incapacity Protection Lawyers Today!
If you are interested in an incapacity protection consultation, contact us today by filling out a contact form or calling us at (952) 260-2043 with any questions you might have. Feel free to check out our fees page for pricing information.